“Our company provides LOYALTY PROGRAM for regular customers!” Have you ever read anything like this in the course of searching info about a payday loan? Bet you, this is a hint that at each prolongation, the interest rate decreases. The number of prolongations is unlimited.
And further you may read something like this: ‘For all new customers the rate is 0.01%. What does it mean? It should be noted that for a newbie this is a figure of interest rate per day with a return period of up to 14 days. In addition, with each prolongation the rate decreases. In order to maintain loyal relations with the organization, it is enough for the borrower to repay the microloan received in a timely manner.
For What It Is Needed
Don’t you agree that in an unstable world when wages and pensions do not meet the normal living standards, many have a need for additional funds? Not all banks are ready to offer financial assistance since in order to receive the credit the client should provide a large package of documents, a certificate of permanent employment, stable income, collateral, and guarantors.
Despite the fact that microcredits appeared in the financial market of the USA not much long ago, they adequately occupied their niche in this segment. Thanks to simple conditions and terms of the payday loans, any adult citizen with ID can use this service and solve his/her financial problems.
The purpose of such a service is to make the process of obtaining a loan simple and accessible to all categories of people, including:
- the unemployed;
- and those with a bad credit history.
Regular customers, unlike new ones, can count on a smaller interest rate, various bonuses and more favorable conditions for extending the terms of a payday loan. The main reason is that it is beneficial for microfinance companies to work with borrowers who apply to them many times because they are reliable people.
One of the most enjoyable options is a bonus system, aimed at reducing the interest rate. F. e. for new customers, it is 2.15% per day. If the borrower uses the loan for more than 15 days, the interest rate will be reduced by 0.1%. As a result, regular customers of the microfinance organization will be able to claim an interest rate of 1.2% per day.
Thanks to the easy navigation of the financial platform, anyone who doesn’t even have high skills for social media and corporate websites will find answers to this and other questions in the main sections: “How to get a loan”, “How to extend a loan”, “Questions and Answers”. You may also subscribe to the newsletter.